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What is globalization in economic terms?
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Globalization refers to the increasing interconnection of national economies across the world, characterized by free trade, investment, and the exchange of technology and information.
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How does globalization affect GDP?
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Globalization can boost GDP by providing access to larger markets, more diverse goods, and increased capital and labor flows, which can enhance productivity and economic growth.
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What is the impact of globalization on labor markets?
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Globalization can lead to job creation in sectors that become internationally competitive but may also result in job losses in industries that cannot compete globally.
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How does globalization influence international trade?
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Globalization significantly increases international trade by reducing trade barriers, encouraging countries to export and import goods and services more freely.
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What role do multinational corporations (MNCs) play in globalization?
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MNCs drive globalization by operating in multiple countries, facilitating international trade, investment, and spreading technology and innovation globally.
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How does globalization affect consumer behavior?
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Globalization expands consumer choices by making a wider variety of goods and services available, often at reduced costs due to increased competition and production efficiencies.
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What is the 'race to the bottom' in the context of globalization?
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The 'race to the bottom' refers to the pressure on countries to lower standards in labor, environmental, and regulations to attract business from multinational corporations.
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